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overdraft
(redirected from Bounce protection)

    Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia 0.01 sec.

A check that is drawn on an account containing less money than the amount stated on the check.

The term overdraft is also used in reference to the condition that exists when vouchers or purchase orders are drawn in amounts exceeding the amount that has been appropriated or budgeted.

Cross-references

Commercial Paper.

See also: deficit
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Courtesy" is not free But even careful consumers may find their accounts overdrawn from time to time and may take advantage of the "courtesy" overdraft or bounce protection plans that many banks offer.
Brochure shows consumers how to avoid overdraft fees by Financial Update
HOUSTON -- "The Federal Reserve Board (FRB) is on the right track with its recent ruling on share draft/check overdraft fees and its proposed rules to reign in the abusive practices of some courtesy pay and bounce protection programs," says John M.
Originator of Check Overdraft Programs Praises Fed's Proposed Rules ... by Business Wire
4, 2003 "Not all checking account overdraft protection programs are created equal," a leading vendor of such bounce protection programs warned attendees today at the Consumer Federation of America's Financial Issues Conference.
Leading Vendor Warns Consumers: 'Be Selective' on Overdraft Programs; ... by Business Wire
 
 
 
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